Jim Delaney

Thank you. I read your points and agree. The one thing to consider is that zero interest rates make the carry trade possible in a whole host of currencies and commodities and while financing demand might be slack from the slowness in the economy it is there to arbitrage rates between currencies and to play the contango curve. The current environment is not good but it is in no way 2008 all over again. It's not only different this time it is actually different every time. The similarities are the nuance.